GOLD TECHNICAL :
The Gold 4H chart has formed “Rounding Bottoms chart pattern”. Currently, prices are expected to move towards neckline first at $1316(30166) as this is a crucial place. A break above and close of a 4H candle could lead towards $1338(30450) level. Alternatively, if it does not break above, then selling pressure may extend towards $1293(29700) which will hold the support.
A Rounding bottom looks similar to the cup and handle pattern, but does not experience the temporary downward trend of the “handle” portion. Technically prices could break above and an upside rally is expected.
CRUDE TECHNICAL :
Crude oil prices are expected to reach upper parallel line at$ 52.42(3400) which is nearby resistance line, although prices took strong support at $50(3250). It will now react with 50 day moving average and be trailing support line at $50.45(3275). It is likely for a range bound market over the near-term as prices are ready to form Rectangle chart pattern. There are less chances for an early break above resistance line at (52.45)3400, as this usually a struggling place.
It may take time to break above; meanwhile crude oil prices could travel between $50 & $52 (3250-3350) levels. The border upper parallel line will act as a resistance and lower parallel line as support. A break above of either could lead the medium-term rally towards $55 (3550).